Reserve Bank of India (RBI) has made an announcement in its FIRMS Portal that there have been various instances where the company has provided incorrect entity details to RBI in Entity Master Form (EMF). This issue has been frequently observed by RBI in respect of listed companies and where the Depository Receipts have been converted into equity shares and sold out on stock exchange by the non-resident investors.
Since, it is the responsibility of all entities to ensure that information provided in EMF is true and correct, RBI has directed all entities to check the details provided in EMF in terms of correctness as well as ensuring that the data is entered in the correct field.
RBI has clearly indicated that where the forms are approved with incorrect details, the entity shall be liable for the same.
The details must be sent in the following format:
1. User ID;
2. CIN/ LLP Number;
3. Registered Email ID;
4. Issue Description; (You are required to provide the reason for change in EMF)
5. What are the changes to be done (in the below format):
6. A request letter confirming change in the EMF shall be signed by the Managing Director/ Director/ Secretary of the Company/ Designated Partner (in case of LLP) and be attached to the email.
7. A letter of authorization authorizing a signatory for carrying out all activities related to correction in EMF.
You are required to appoint an authorized signatory who shall be responsible signing and executing all the documents relating to change in EMF.
Once, these documents are sent to RBI through email, it will scrutinize and update the EMF details. An email will be sent to the email ID of the authorized person confirming such updation.
To conclude, all the entities before making any filing in Single Master Form (SMF) must first check the EMF details and make necessary corrections, if required.
In case your entity needs any correction in EMF and are looking for professional help, please write to me at firstname.lastname@example.org or reach out to me at +91 9148973085.